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The bear market this year has seen an exodus from cryptocurrencies for many people and companies. But not all of them are so pessimistic and not everyone is inside for a quick dollar. Binance is one of the pioneers in the industry and has recently launched a program to promote innovation for blockchain and crypto.
Binance not discouraged by the bear market
The first batch of initiatives for the Binance incubation program will focus on resolving the most critical issues currently affecting the industry. There are a number of projects aimed at educating the education and tutoring in the cryptic space managed through the fan arm of the Binance Labs bag.
According to Binance Labs chief, Ella Zhang, who spoke with Forbes last week explaining the ethics behind the ten-week program on the spot;
"Through the program, we support entrepreneurs who are solving critical issues for the blockchain industry.In particular, we help the participants to focus on the" BUIDLing "products from the early stages.The term BUIDL is a term of the Binance Academy glossary , originally derived from HODL, a term that refers to keeping your head down and focusing on building the product ",
Over 500 projects were applied for the first cycle of the incubation program and only the first 8 were selected. Those lucky few will have direct funding of $ 500,000 and full access to all the resources they need from Binance.
According to the report, seven of the eight projects had launched functioning products and enrolled new members. Three of them already have paying customers and their recent "graduation" from the program will put them on the road to bigger things.
Binance also offered the opportunity for these projects to present Singapore's Blockchain week organized by the company next month. Some of the problems addressed included the development of hardware wallet, secure access for dApps, forecasting markets, insights on blockchain data, computer security systems and decentralized exchanges.
"There are two problems we have seen in the ecosystem, which have helped inform our program design: a lack of a fit product market in many blockchain projects, and the clamor of the market that distracts the founders from BUIDLing. With the incubation program, projects can focus on shipping a product or service that works with the product market as quickly as possible, "Zhang added.
Binance has taken the initiative to focus on developing the technology for the future rather than looking at prices. Its trading volume is falling sharply from over $ 2 billion a day to around $ 300 million today according to Coinmarketcap. This did not discourage the team, but it has not only extended internationally in the last year, but is now directing the energies towards education and innovation for the nascent industry.
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